The Alternative Investment Fund Managers Directive (AIFMD) established a comprehensive regime that governs how and when hedge and other private fund managers may offer their products to investors in the E.U. Consequently, U.S. hedge fund managers looking to raise capital from European investors must choose a regulatory compliance strategy that is appropriate in light of the manager’s size, European presence and anticipated reach. A recent program sponsored by the Futures Industry Association (FIA) provided an overview of the marketing environment under AIFMD, along with other regulatory issues. Michael Sorrell, an associate general counsel at the FIA, moderated the discussion, which featured Fried Frank partners Gregg Beechey, William J. Breslin and David S. Mitchell. This article, the first in a two-part series, summarizes the speakers’ key insights with respect to the current options available to U.S. managers to market their funds in the E.U. The second article will address the intersection of CFTC regulation with AIFMD. For additional insight from Fried Frank partners, see “The SEC’s Proposed Custody Rule Changes: An Analysis of the Impact on Hedge Fund Managers” (Jun. 24, 2009). For more on AIFMD, see our two-part series on compliance by hedge fund managers: “Increased Compliance Burden” (Apr. 28, 2016); and “AIFMD’s Depositary Requirement” (May 5, 2016).